EDF becomes second Big Six company to increase prices to meet new Ofgem cap

Customers on EDF’s standard variable tariff will see bills rise by an average £118 to £1,254 from April 1.

Ofgem said last week that there would be an increase to the energy price cap (Lauren Hurley/PA)

More than a million energy customers on EDF’s standard variable tariff face a 10% price increase from April 1.

Gas and electricity bills will rise by an average £118 to £1,254 – up to the level of Ofgem’s new price cap – for 1.3 million existing customers on EDF’s standard variable tariff, comparison site uSwitch.com reported.

Prepayment meter customers will also face an average £106 or 9% price rise, according to information released by the company to price comparison sites.

EDF Energy are the second of the Big Six suppliers to increase their prices, and we wouldn’t be surprised to see a domino effect with other energy companies following suituSwitch

An EDF Energy spokeswoman said: “Ofgem’s announcement confirmed that costs increased significantly last year and this was further evidenced by the collapse of several small suppliers.

“As a responsible and long-term business, it is important that we reflect the costs we’re facing. These changes for standard variable tariffs will not come into effect until April 1 and we will write to customers before then, highlighting the other tariffs available that they can switch to.”

EDF is the second firm to push up prices following an announcement by Ofgem last week that there would be an increase to the energy price cap.

On Monday, E.ON announced an average 10.3% price increase from April 1 for around 1.8 million customers on its standard variable gas and electricity tariff, meaning bills will rise by around £117 to £1,254.

Rik Smith, energy spokesman at uSwitch, said: “As soon as Ofgem increased the price cap level it became almost inevitable that most customers on standard deals would see their bills rise right up to the cap.

“EDF Energy are the second of the Big Six suppliers to increase their prices, and we wouldn’t be surprised to see a domino effect with other energy companies following suit.

“EDF Energy customers will see their bills rocket by £118 on average a year from April 1, and their standard tariff will be £286 more expensive than the cheapest deal available today.

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“But some households on standard tariffs will be hit harder than the average if their supplier prices up to the cap, which could push their bills to the edge of affordability.

“People who are already struggling with their bills are the ones who will suffer most if they are conned by the idea that the price cap represents a ‘fair’ deal.”

E.ON said on Monday it expected to see “similar movements” take place across the energy industry.

Last week, Ofgem said it will increase the price cap for default and standard variable gas and electricity tariffs by £117 to £1,254 a year from April 1 due to hikes in wholesale costs.

The watchdog said previously that those affected will still pay a “fair price” for their energy as the increase reflects a genuine rise in underlying wholesale costs, rather than provider profiteering.

Press Association

]]>http://askmedicalnews.com/news-world-news/feed/0Watch: The late Gordon Banks will be forever remembered for the ‘greatest ever save’ to deny Pelehttp://askmedicalnews.com/watch-the-late-gordon-banks-will-be-forever-remembered-for-the-greatest-ever-save-to-deny-pele/
http://askmedicalnews.com/watch-the-late-gordon-banks-will-be-forever-remembered-for-the-greatest-ever-save-to-deny-pele/#respondThu, 25 Oct 2018 05:48:42 +0000http://askmedicalnews.com/watch-the-late-gordon-banks-will-be-forever-remembered-for-the-greatest-ever-save-to-deny-pele/

Watch: The late Gordon Banks will be forever remembered for the ‘greatest ever save’ to deny Pele

Gordon Banks denies Pele in 1970File photo dated 21-01-2018 of Gordon Banks during his speech at the Football Writers Association Tribute Night at The Savoy, London. John Walton/PA Wire.File photo dated 27-10-2015 of Former Stoke City goalkeeper Gordon Banks. David Davies/PA Wire.File photo dated 05-01-2016 of Former England and World Cup winning players (left to right) George Cohen, Gordon Banks, Martin Peters and Sir Geoff Hurst with the Jules Rimet trophy. Adam Davy/PA Wire.File photo dated 28-06-1966 of Leicester City goalkeeper Gordon Banks. PA Wire.File photo dated 12-05-2013 of Former Stoke City goalkeeper Gordon Banks holds the Jules Rimet trophy as he is awarded a a Stoke City shirt before the game. Clint Hughes/PA Wire.File photo dated 12-07-2008 of Former England goalkeeper Gordon Banks (centre) with Archbishop Desmond Tutu (left) and former Brazilian star Pele. Dave Thompson/PA Wire.File photo dated 05-05-1965 of Gordon Banks jumps to make a save in the match with Hungary at Wembley. PA Wire.File photo dated 10-07-2008 of Former England goalkeeper Gordon Banks. Carl Court/PA Wire.File photo dated 04-03-2004 of Former International soccer players England goal keeper, Gordon Banks (left) with a picture of his famous save from Brazil striker Pele (right). Stefan Rousseau/PA Wire.File photo dated 05-05-1965 of Gordon Banks jumps to make a save in the match with Hungary at Wembley. PA Wire.File photo dated 12-07-2008 of Gordon Banks stands next to the new Gordon Banks statue at the Britannia Stadium. Dave Thompson/PA Wire.File photo dated 04-05-1972 of Gordon Banks, the Stoke and England goalkeeper after he received the Football Writers’ Association Footballer of the Year award for 1972. PA Wire.File photo dated 16-06-2004 of Model Nell McAndrew and 1966 World Cup England goalkeeper Gordon Banks at the unveiling of the new Butlins Redcoat ‘strip’. Yui Mok/PA Wire.File photo dated 30-07-1966 of the two teams line up before the match: (left to right) West Germany’s Horst-Dieter Hottges, Wolfgang Overath, Siggi Held, Helmut Haller, Wolfgang Weber, Lothar Emmerich, Willi Schulz, Franz Beckenbauer, Karl-Heinz Schnellinger, Hans Tilkowski and Uwe Seeler, linesman Tofik Bakhramov, referee Gottfried Dienst, linesman Karol Galba, England’s Bobby Moore, George Cohen, Alan Ball, Gordon Banks, Roger Hunt, Ray Wilson, Nobby Stiles, Bobby Charlton, Geoff Hurst, Martin Peters, Jack Charlton. PA Wire.File photo dated 14-02-1996 of Former England goalie Gordon Banks with his daughter Wendy in the goalmouth at Stoke City Football club after her marriage at the ground today to Shaun Beech. David Jones/PA Wire.File photo dated 04-05-1998 of Gordon Banks, a member of the ’66 World Cup Squad, with his young grandson, Edward Jervis. DAVE KENDALL/PA Wire.File photo dated 07-03-2001 of Ex-England goalkeeper Gordon Banks, holds his 1966 World Cup winner’s medal at a photocall at Christie’s South Kensington. Toby Melville/PA Wire.File photo dated 31-10-2000 of Former football player, Gordon Banks outside Wembley stadium. PRESS ASSOCIATION Photo. Rebecca Naden/PA Wire.File photo dated 24-05-1963 of Leicester City goalkeeper Gordon Banks reads a special edition of the London Evening Standard in the grounds of his team’s hotel on the day before the match. PA Wire.

His status as an all-time great may have been sealed at the 1966 World Cup, but it was the save Gordon Banks produced to deny Pele four years later which became his defining moment on the international stage.

The goalkeeper’s spectacular stop in a group-stage clash with Brazil during England’s defence of the trophy in Mexico is widely regarded as one of the greatest saves of all time.

Banks, who has died at the age of 81, flung himself to his right and, in a feat which seemed to defy the laws of physics, somehow managed with one hand not only to keep Pele’s powerful downward header out, but also flick the ball over the bar.

The moment enhanced yet further the reputation of a man who, as an ever present in the triumphant 1966 campaign, made it through to the closing stages of the semi-final before conceding a goal – and even then was only beaten by a penalty from Portugal’s Eusebio.

Along with a World Cup-winner’s medal, Banks’ 73-cap CV featured six FIFA Goalkeeper of the Year awards.

It also showed notable success at club level, with two League Cup wins, with Leicester in 1964 and Stoke in 1972.

Not bad for someone who was discarded by Rawmarsh Welfare as a 15-year-old after two games that had seen him let in 15 goals.

Born in Sheffield in 1937, Banks’ time playing for Sheffield schoolboys was also inauspicious, dropped aged 14 after two games without explanation.

He left school in 1952 and went on to work as a coal bagger and then an apprentice bricklayer.

His return to football happened almost by accident, turning up to watch local side Millspaugh and being summoned to play in goal after their regular goalkeeper failed to turn up – and doing so in his working trousers.

Banks’ performances for Millspaugh led to him being recruited by Yorkshire League outfit Rawmarsh.

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His time with them was brief and chastening, playing in 12-2 and 3-1 defeats before being told not to turn up again.

But after returning to Millspaugh, he soon attracted interest once again, being offered a trial with Chesterfield’s youth team towards the end of the 1952-53 season, which was successful.

It was certainly not all plain sailing from there – Banks conceded 122 goals over 1954-55 with Chesterfield’s reserves – but he was part of the Spireites side that reached the 1956 FA Youth Cup final.

And after making his first-team debut for the Third Division club in November 1958, a move to the top flight came quickly, with Leicester signing him at the end of that season.

In the six years that followed, Banks helped the Foxes reach four cup finals, suffering FA Cup defeats in 1961 to Tottenham and 1963 to Manchester United, celebrating his first piece of silverware in 1964 with victory over Stoke in the League Cup, and then losing to Chelsea in that competition in 1965.

Banks’ England career also began during that period, his senior debut coming in 1963 against Scotland at Wembley.

That game finished in a disappointing 2-1 reverse, but three years later he tasted the ultimate glory at the same venue, lifting the World Cup after the defeat of West Germany at the end of a tournament in which he had kept clean sheets against Uruguay, Mexico, France and Argentina.

Despite him having reached that pinnacle of footballing achievement, Leicester, who had a teenage Peter Shilton on their books, opted to sell Banks to Stoke as the following season came to a close.

He was 29 at that point – and would subsequently prove he still had plenty to offer.

The famous save in Guadalajara in 1970 was the most obvious example, with Banks’ worth underlined as England lost their quarter-final to West Germany 3-2, with their number one absent due to illness. Conspiracy theories abounded that Banks had been poisoned to take him out of the match, but there was no evidence to support them and the man himself gave them no credence.

There was also a memorable stop for the Potters en route to them winning the 1972 League Cup, Banks keeping out a penalty from fellow 1966 hero Geoff Hurst in the semi-finals against West Ham before Chelsea were overcome in the final.

Banks, by then an OBE, ended that season as The Football Writers’ Association Footballer of the Year, but his playing days were almost done. A car crash in October 1972 led to him losing the sight in his right eye and he retired in the summer of 1973.

He still went on to have a short, successful spell in goal for American side Fort Lauderdale Strikers, despite his visual impairment. He coached at Stoke and Port Vale and was boss of non-league Telford, with his sacking in 1980 after just one full season in charge convincing him he did not want to carry on in management.

Banks was subsequently involved in the running of a Leicester-based corporate hospitality company for a period, and became a member of the three-man football pools panel.

In 2002, Stoke named him as club president, and a statue of a smiling Banks holding the Jules Rimet trophy aloft was unveiled at their ground in 2008, an occasion attended by his old friend and rival Pele.

Banks revealed in 2015 he was fighting kidney cancer for a second time, having lost a kidney to the disease 10 years earlier.

He is survived by his wife Ursula, whom he met during his national service in Germany in 1955, and their three children, Robert, Wendy and Julia.

Alternatives to milk boom as consumers turn to vegan diet

Dairy farmers dismiss threat to Irish milk amid changing habits

Sales of plant-based milks have soared in the last year amid the increasing popularity of vegan diets.

New data shows a 40pc increase in the amount of plant-based milk sold in Irish supermarkets in January, when compared to the same period last year.

The increase was fuelled by the rise of ‘Veganuary’ – where people choose to go on a vegan diet for the first month of the year.

Almond, soy and oat milks are among the varieties that have become popular.

Kantar Worldpanel, the market research firm that compiled the data, said in January that Irish consumers were trying to be healthy after the Christmas excess.

The figures cover the four weeks to January 27 this year compared with the same period in 2018.

“After an indulgent festive period, many Irish shoppers started the year with good intentions and January sales of fruit and vegetables were up €7m year on year,” said Kantar’s consumer insight director Douglas Faughnan.

“Vegetable side dishes and vegetarian sausages and burgers collectively rose by 35pc and, amid the rising popularity of ‘Veganuary’, sales of plant-based milks were 40pc higher than in January 2018.”

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Despite the rise, sales of plant-based milks are still dwarfed by the traditional dairy market.

Pat McCormack, chair of dairy farmers group the Irish Creamery Milk Suppliers’ Association, said he didn’t think the plant alternatives would pose a threat to his members.

“I don’t want to be disrespectful to these new foods and products – in return I’d ask that the same courtesy is shown to traditional dairy and beef – but the fact of the matter is that cow’s milk has been an integral part of the human diet for millennia.

“We have numberless generations of Irish people whose lives were intimately bound up with the production of, and consumption of, cow milk,” Mr McCormack told the Irish Independent.

“I’d be confident that Ireland’s tradition of excellent milk production will be able to deal with the challenge.”

The data on plant-based milk was included in Kantar’s latest update on Ireland’s supermarket wars.

Dunnes Stores maintained its position as Ireland’s top grocer by market share, with 23.1pc of the market. Tesco was second with 22.1pc and SuperValu had 21.6pc.

Continuing to stand out, however, were the German discounters Lidl and Aldi.

“Both retailers achieved record market share over Christmas and that strong performance has continued into the new year – Aldi increased sales by 10pc and Lidl by 5.2pc,” said Mr Faughnan.

Investing.com – The pound dropped on Monday following reports that Northern Ireland’s Democratic Unionist Party (DUP) will back an amendment proposed by a group of pro-Brexit MPs from within Theresa May’s ruling Conservative party.

Junior Brexit minister Steve Baker is proposing the amendment to block the European Union’s backstop plan. The amendment would effectively make the EU’s Irish border backstop proposal illegal.

The pound fell below the $1.30 handle shortly after the Telegraph newspaper’s deputy political editor Steven Swinford sent a tweet stating that the DUP, who prop up Theresa May’s minority government, would side with the Brexiteers.

]]>http://askmedicalnews.com/forex-pound-falls-as-dup-to-back-eurosceptics-backstop-amendment/feed/0Hines to build on John Player site ‘as soon as possible’http://askmedicalnews.com/hines-to-build-on-john-player-site-as-soon-as-possible/
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Hines to build on John Player site ‘as soon as possible’

New plan: The site of the former John Player factory on Dublin’s South Circular Road is set for a major regeneration

THE US-headquartered real estate giant Hines and its Dutch partner, APG asset Management, are to press ahead with plans for the development of hundreds of homes on the site of the former John Player factory and Bailey Gibson industrial premises on Dublin’s South Circular Road.

In a statement issued to the Irish Independent last night, a spokesman for Hines Ireland said: “It is intended to commence development of the lands as soon as possible. “We look forward to engaging with the planning authorities and wider stakeholders, with a view to progressing a planning application for the site, in line with the overall regeneration plan for the wider area.”

Hines and APG assumed full ownership of the site shortly before Christmas after entering into an agreement with developer Ciaran Larkin’s company, Players Square Limited, to fund the repayment of 100pc of all liabilities due to Nama on the 10.67 acre site.

It remains unclear what involvement, if any, Mr Larkin, will have in the delivery of the project however, with neither party prepared to comment last night.

The South Circular Road site is set to be the first development to be delivered as part of Hines and APG’s plan to invest an additional €700m in apartment building in Dublin.

Coupled with the construction of 1,269 apartments which is already under way at Cherrywood in South Dublin, the investment will enable the delivery of a total of 3,000 units across the Greater Dublin Area in the coming years.

The John Player and Bailey Gibson site is widely considered to be one of the few remaining high-quality development sites in the centre of Dublin.

The original, lapsed, planning permission provided for a one million square foot mixed-use scheme comprising 754 apartments, offices, retail space, a school, two creches, a medical centre, leisure centre and swimming pool on the site.

With US aid in plain sight but tantalisingly out of reach, the threat of reprisals holds back Venezuela’s rank and file

A huge majority of rank and file members of Venezuela’s creaking security forces are ready to fall behind the country’s self-proclaimed interim president and defy the regime of Nicolas Maduro.

But current and former members of the police and army have told reporters that fear of reprisals and the intense internal surveillance by intelligence services were holding back a full-scale revolt.

It comes as the US is engaged in a high-stakes game to test the loyalty of Venezuela’s armed forces by deploying aid on the border with Colombia – effectively asking them to chose between alleviating suffering or staying faithful to the regime.

Yesterday the Venezuelan military stood guard on the empty bridge across the frontier as shipping containers blocked deliveries of pallets stacked with medicines and basic food. The sixty tons of food and medicine began arriving from the USA on Thursday and was placed on the Colombian side, but within viewing distance of Venezuela. It’s a high-stakes game designed to put pressure on Nicolas Maduro – and also stoke unrest among the local population.

The plan is working. In a sign of increasing desperation, residents in the nearby town of Urena said they are ready to turn on the security forces if the aid is not allowed in.

“We are absolutely ready to resist if the government does not allow the aid to enter,” Unay Bayona, a chef and youth worker, said as the standoff continues.

Urena was once known for its jeans industry – though with hyperinflation, jeans are now much too expensive for most Venezuelans. Many of the factories are empty shells.

Jorge Gonzalez, 63, used to work on one of the production lines. “This government is full of lies and corruption,” he said. “Look what they’ve done to the economy. The workers suffer most – but we are ready to fight back.”

There are signs that even some of the most hardened pro-Maduro groups are beginning to turn. Kiki, a man in his 40s, who withholds his full name for fear of reprisals, belonged to a “colectivo”, an armed militia called on by the regime to suppress dissent. He left the group and moved to Urena two years ago.

“These guys say they’re promoting socialism, but they’re only interested in violence and making money,” Kiki said. “But they will definitely be ready for any trouble that comes.”

The opposition – led by Juan Guaido, now widely recognised abroad as Venezuela’s official president – are due to cross into Colombia early next week to retrieve the aid. They are gambling on the army and national guard relenting to pressure and waving them through. “The government system is already broken, and now what’s needed is a trigger to end it all,” a former member of the country’s police force, who fled a year ago, said.

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The former investigator said he left the country after he became fearful that he was himself under investigation. The official, who spoke on the condition of anonymity out of fear of reprisals on family members still in Venezuela, said the effort by the US to deliver aid could provoke more defections from the Maduro regime. A serving member of the Venezuelan police force, who also asked not to be named, said it is believed that up to 90pc of security forces are ready to defect – but a culture of fear still grips lower-ranking officers.

“It means that the day I speak out in support of Guaido and against Maduro better be the day I’m leaving the country,” another member of the National Police said.

Within the armed forces and police units, morale continues to hit new lows, with some earning as little as a few dollars per month and inflation set to reach 10,000,000pc this year. Within the army barracks, the quantity and variety of food rations have been reduced as the country’s economic crisis has dragged on, according to Juan Mateus, a former army captain who fled nearly three years ago.

“It’s a disaster,” he said via phone. “These are soldiers going hungry.”

Last week Mateus released an online video encouraging Guaido to appoint a parallel defence minister. According to documents obtained by Bloomberg, up to 6pc of the country’s national guard has deserted since 2014. But while the rank and file suffer the effects of the economic catastrophe, the generals and captains continue to enjoy the spoils of corruption and government connections.

In Transparency International’s recently released Corruption Perceptions Index, Venezuela was perceived as one of the most corrupt countries, ranking 168th out of 180.

“The life that the directors live is incredible,” said the former investigative police officer. “They would arrive with $3,000 suits and no shame in front of regular officers who couldn’t afford to eat three times a day.”

Those privileges will prevent the upper ranks of the armed forces from turning on the regime, according to Mateus. “They’ve committed so many crimes, and stolen so much, the only option they see is to hang on,” he said.

Back in Urena’s shops and supermarkets, there is produce, but it is simply too expensive for most people to buy. A carton of 30 eggs costs 14,000 bolivars and a kilo of cheese 20,000 bolivars. However the monthly minimum wage is 18,000 bolivars.

The border has been closed intermittently in the past year as millions of Venezuelans have fled. A closure in 2016 to tackle illegal trafficking led to the formation of the Women in White, a campaign group from Urena that forced its reopening.

But the food and medicines remain tantalisingly out of reach over the bridge.

“This is aid we desperately need,” said Lucero Varela, an activist from the movement. “People are dying here. We’re ready to defend the town again and remove whatever they have on that bridge.”

]]>http://askmedicalnews.com/news-latin-america/feed/0The Irish men and women who made this year’s Forbes’ ’30 under 30′ listhttp://askmedicalnews.com/the-irish-men-and-women-who-made-this-years-forbes-30-under-30-list/
http://askmedicalnews.com/the-irish-men-and-women-who-made-this-years-forbes-30-under-30-list/#respondTue, 16 Oct 2018 14:26:14 +0000http://askmedicalnews.com/the-irish-men-and-women-who-made-this-years-forbes-30-under-30-list/

The Irish men and women who made this year’s Forbes’ ’30 under 30′ list

Edel Browne. Pic. Michel Dillon

A 21-year-old Galway woman joins five other talented Irish people who have just made the 2019 Forbes’ ’30 Under 30′ Europe list.

Edel Browne started working on her Free Feet business at the age of 15 for a BT Young Scientist project competition.

She has developed the brand and product – a small laser light device attached to the shoe, designed to reduce gait freezing – ever since.

Gait freezing is very common symptom of Parkinson’s disease and Free Feet is designed to help sufferers have a better quality of life.

Jessie Buckley as Moll and Johnny Flynn as Pascal in Beast

This year’s list features 300 young disruptors across ten categories, from 34 European countries and 22 non-European countries.

Journalist Sally Hayden, who has a law degree from University College Dublin and an MSc in International Politics from Trinity College, also made the list – but featured under the ‘United Kingdom’ entrepreneurs.

“So nice to be named in the Forbes 30 Under 30 list for media in Europe (though I need to reiterate I’m Irish, not British!),” she tweeted after the list was revealed.

Hayden has reported from countries including Syria, Sudan, Nigeria and Iraq with a focus on migration, conflict and humanitarian crises.

Peter O’Mahony

She has worked across a huge list of publications and media agencies including the Financial Times Magazine, TIME, the Thomson Reuters Foundation, BBC, the Washington Post, the Irish Times, and the Guardian.

Irish rugby also got the nod in the form of flanker Peter O’Mahony (28), a three-time winner of the Six Nations Championship, a one-time Grand Slam champion, and a one-time Triple Crown winner.

Singer and actress Jessie Buckley (29) who came second in the BBC talent show ‘I’D Do Anything’ in 2008, also featured on the list.

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She earned a 2019 BAFTA Rising Star award nomination following her breakthrough role in last year’s critically-acclaimed thriller ‘Beast’.

The advancements in technology across the Irish landscape are highlighted with the final two Irish people making the list.

Honoured to be on this year’s @Forbes 30 Under 30 list! Humbling to be included in a group of such amazing people.

Asia stocks ease on anxiety over trade, growth risks

Stock image

Asian stocks lost ground on Friday as investors worried about a broadening global economic slowdown, with sentiment not helped by the absence of any positive signs for a resolution in the US-China trade row.

Safe-haven government bonds benefited in the face of growing anxiety over the global outlook, with German and Japanese debt yields falling to their lowest in over two years.

The European Commission on Thursday sharply cut its forecasts for euro zone economic growth this year and next, stoking fears a global slowdown is spreading to Europe as businesses and investors grapple with trade frictions.

Adding to the gloomy mood, US President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline to achieve a trade deal.

“Investors are getting nervous as the market had been optimistic about a resolution of the trade dispute since the beginning of the year,” said Shusuke Yamada, chief Japan FX and equity strategist at Bank of America Merrill Lynch.

Trump’s stance rattled investors hoping for a resolution to the months-long trade dispute between the world’s biggest economies. Wall Street shares slumped in response overnight, with the Dow falling 0.9pc to pull back from a two-month peak scaled midweek on upbeat corporate results.

“With many of the corporate earnings out of the way, equities appeared ready for a correction after their recent highs,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

“Equities will face further hurdles next week, as (US Treasury Secretary Steven) Mnuchin and (Trade Representative Robert) Lighthizer will be visiting China. Brexit talks are also in focus.”

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Mnuchin and Lighthizer are expected to kick off another round of trade talks in Beijing next week to push for a deal to protect American intellectual property and avert a March 2 increase in US tariffs on Chinese goods.

The 10-year US Treasury yield extended its overnight decline to a one-week low of 2.643pc. The 20-year Japanese government bond yield dropped to a 27-month trough of 0.400pc.

The 10-year German bund yield fell to 0.105pc on Thursday, its lowest since November 2016 after the European Commission’s sharp cuts to growth and inflation forecasts.

The euro sagged under the weight of declining German bund yields. The single currency was little changed at $1.1339 after dropping to a two-week low of $1.1325 the previous day. It was on track for a 1pc weekly loss.

The dollar was a shade lower at 109.750 yen, nudged off a high of 110.09 reached the previous day. The yen tends to attract demand in times of political tensions and market volatility due to its perceived safe-haven status.

Yet, the US currency was still headed for a small weekly gain of 0.3pc against the yen, supported by the earlier rise in Treasury yields.

The Australian dollar was on course to end a bearish week firmly on the back foot, last trading down 0.35pc at $0.7079 after the Reserve Bank of Australia (RBA) cut its growth outlook.

The Aussie slid sharply on Wednesday after the RBA stepped back from its long-standing tightening bias, saying the next move in rates could just as well be down as up. The currency was headed for a weekly loss of 2.3pc.

In commodities, US crude futures slipped 0.7pc to $52.27 per barrel, extending losses after dropping 2.5pc in the previous session. Brent crude was down 0.6pc at $61.26 per barrel.

Oil fell as the market was hurt by concerns that global demand growth would lag in the coming year.

Watch: As Trump’s Ag advisor buys the world’s most expensive bull

Donald Trump’s main agricultural advisor spent what is thought to be a record breaking $1.5m on an Angus bull in recent days.

Charles Herbster, who owns Herbster Angus, bought the bull at the Schaff Angus Valley Angus sale this weekend, for what is a record-breaking figure according to Will Bollum of the Western Ag Reporter.

Bollum, who was at the sale, said it took just six minutes for the sale to conclude with the winning bid made by Herbster Angus Farms of Falls City, Nebraska for $1.51m.

Herbster Angus will keep 80pc semen rights on America, while the bull will remain at Schaff Angus Valley who has 20pc semen rights.

The 205-day old bull, who weighed in at 1,107lb (500kg) was described in the sale book as “He presents himself with true herd bull authority – long bodied, thick, square-hipped, deep and massive with a sound structure, large scrotal and gentle disposition.”

The bull, SAV America 8018, was sired by SAV President 6847, also bred by Schaff Angus Valley.

Charles Herbster, chairs the president’s Agriculture and Rural Advisory Committee, is a rancher from Nebraska and Republican donor.

He owns Herbster Angus Farms, was homesteaded in 1847 by Charles’ great-great-grandfather. Charles got his start in the Angus business at the age of 11 when his grandmother, Leta Meyers Carico, bought him 65 registered Angus cows.

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Herbster also owns Carico Farms Inc., Falls City, Nebraska and North American Breeders Inc., Berryville, Virginia as well as the Conklin Company Inc.

Charles is active in Republican politics and continues to serve as the National Chairman of the Agriculture and Rural Advisory Committee for President Donald J. Trump. He is a member of the Nebraska Farm Bureau, the Nebraska Cattlemen Association, American Angus Association, and the NRA.